AudioCodes (NASDAQ:AUDC) Cut to Buy at StockNews.com

StockNews.com downgraded shares of AudioCodes (NASDAQ:AUDC) from a strong-buy rating to a buy rating in a research note issued to investors on Thursday.

A number of other equities research analysts have also weighed in on the stock. Barclays lowered their target price on shares of AudioCodes from $10.00 to $9.00 and set an “underweight” rating on the stock in a report on Thursday. Needham & Company LLC dropped their target price on AudioCodes from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Thursday.

AudioCodes Stock Performance

Shares of AudioCodes stock opened at $8.12 on Thursday. The stock has a market capitalization of $245.39 million, a PE ratio of 20.30 and a beta of 0.86. AudioCodes has a 52 week low of $7.70 and a 52 week high of $14.45. The stock has a 50 day moving average price of $9.43 and a two-hundred day moving average price of $10.11.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AUDC. Quadrature Capital Ltd lifted its position in shares of AudioCodes by 26.8% during the 1st quarter. Quadrature Capital Ltd now owns 17,460 shares of the communications equipment provider’s stock worth $228,000 after buying an additional 3,691 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in AudioCodes by 11.3% during the second quarter. Bank of New York Mellon Corp now owns 53,105 shares of the communications equipment provider’s stock worth $551,000 after acquiring an additional 5,389 shares during the period. Marshall Wace LLP boosted its position in AudioCodes by 37.5% in the second quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock worth $267,000 after purchasing an additional 7,009 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in AudioCodes by 11.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,287 shares of the communications equipment provider’s stock valued at $893,000 after purchasing an additional 9,150 shares during the period. Finally, Hillsdale Investment Management Inc. purchased a new stake in shares of AudioCodes during the 1st quarter valued at $159,000. 68.05% of the stock is currently owned by hedge funds and other institutional investors.

AudioCodes Company Profile

AudioCodes Ltd. provides advanced communications software, products, and productivity solutions for the digital workplace worldwide. The company offers solutions, products, and services for unified communications, contact centers, hosted business services, Voice.AI, and service provider businesses. Its products include session border controllers, life cycle management solutions, VoIP network routing solutions, media gateways and servers, multi-service business routers, IP phones solutions, and value-added applications, as well as professional services.